Note Ban

Dissenting judge Nagarathna says 2016 note ban legally flawed

Finance Minister Niramala Sitharaman on Monday welcomed the Supreme Court judgement upholding the decision of the Modi government to demonetise high value currency notes in November 2016. On November 8, 2016 Prime Minister Narendra Modi had announced demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money flows. "Welcome the Hon'ble Supreme Court's judgement today on Demonetization. A five-judge Constitution Bench (via a 4-1 majority) has upheld the Demonetization after carefully examining the issue & has dismissed several petitions challenging the decision," Sitharaman said in a series of tweets. "There were consultations between the Centre & RBI for a period of 6 months. There is a reasonable nexus to bring such a measure & it satisfies the test of proportionality. Decision-making process cannot be faulted merely because the proposal emanated from the Centre," she

The Supreme Court in a 4:1 majority verdict on Monday upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes and said the decision-making process was not flawed. Following is a timeline of events in the case: November 8, 2016: Prime Minister Narendra Modi addresses nation and announces demonetisation of high-value currency notes of Rs 500 and Rs 1000. November 9, 2016: Plea filed in Supreme Court challenging decision. December 16, 2016: Bench headed by then chief justice T S Thakur refers question of validity of the decision and other questions to a larger bench of five judges for authoritative pronouncement. August 11, 2017: Unusual deposits of Rs 1.7 lakh crore during demonetisation, says RBI paper. In nominal terms, excess deposits accrued to the banking system due to demonetisation estimated in the range of Rs 2.8-4.3 lakh crore, it says. July 23, 2017: Massive searches, seizures and surveys by Income Tax department over the last three year

Action cannot be struck down on the basis of the doctrine of proportionality, says Supreme Court

Meanwhile, Attorney General R Venkataramani seeks a week's time to prepare the comprehensive affidavit that the court had directed to file in the last hearing

The top court was hearing a batch of 58 petitions challenging the Centre's November 8, 2016 decision to demonetise currency notes of denomination of Rs 500 and Rs 1,000

Various petitions were filed arising from the decision of the Government of India todemonetise the old notes of Rs 500 and Rs 1000

Today marks the fifth anniversary of demonetisation. How has the historic event impacted the economy? Let's take a look at how some of the indicators have progressed since the 2016 'note ban'

This was the conclusion on the fourth day of the Business Standard BFSI Insight Summit where the country's top SFB chiefs brainstormed the future of small finance banks

Taking a dig on four years of demonetisation, Samajwadi Party chief Akhilesh Yadav said fake currency notes are still in circulation and corruption has increased

The end result was a steady decline in economic growth rate despite large expansion in the government sector and good show by the farm sector

Massive polarisation as only a few stocks outperform handsomely

The government had banned Rs 1,000 and Rs 500 denomination notes on November 8, 2016 with an aim to check black money, eliminate Fake Indian Currency Notes

With three years of data available to back or reject the various assertions and assumptions, Business Standard looks at the Modi govt's most disruptive economic measure, the 'note ban'

Around 32% of respondents believe note ban caused loss of earnings for many unorganised sector workers

Pune city is host to more than 200,000 construction workers

Asked about the durability of new Rs 500 and Rs 2000 bank notes, Minister of State for Finance Pon Radhakrishnan said these notes are expected to have normal life as that of older currencies

Prime Minister Narendra Modi had on November 8 announced the demonetization of Rs 1,000 and Rs 500 notes

The domestic passenger vehicle market looks well placed to cruise to its first annual domestic sales of three million units in the year ending March 17, thanks to a strong recovery after demonetisation. After a 14 per cent growth in January domestic sales, car makers have managed to pull another month of strong growth in February. Domestic passenger vehicle (cars, vans and utility vehicles) sales from companies to dealers is estimated to have surged by almost ten per cent last month to 251,700 units (approx.). Seven companies including Maruti Suzuki, Tata Motors and Toyota posted a double digit growth.The industry had sold a record 2.78 million passenger vehicles in domestic market during FY16 when volumes grew by 7.24 per cent. FY17 growth is likely to be in excess of nine per cent and might hit a double digit mark after a gap of five years. The April-January domestic growth is at 9.17 per cent and 2.5 million passenger vehicles were sold. February growth was led by market leader ...

SIT made several recommendations in the past two years through its interim reports